Further to its announcement on 1 July 2013 of the acquisition of the freeholds and associated inventories of art'otel berlin mitte and art'otel berlin kudamm (the "Hotels") by companies within the Company's group of companies (the "Group"), the Company is pleased to announce that those companies amongst others have today entered into a 50:50 joint venture in relation to the Hotels with the Nakash group and its wholly owned entities ("Nakash").

The Group has sold to Nakash 50% of the shares in the companies which own the freeholds and the operating businesses of the Hotels and assigned 50% of the shareholder loans made by the Group to 3,180,425. This was satisfied by the discharge in s affiliates (as referred to in the 1 July announcement) in order to facilitate completion of the acquisition of the Hotels in July 2013. 1,000,000 each for the renovation of the Hotels.

  • year term loan from Deutsche Hypothekenbank secured on the properties and guaranteed by the Company. Under the joint venture Nakash has agreed to indemnify the Company against 50% of any liability it may incur under that guarantee.

which manages a multibillion dollar portfolio of investments with a focus on real estate located in prime locations throughout the world and is also involved in the hotel business. The Nakash portfolio consists of retail space, offices, multifamily and hospitality and hotel properties.

The Group continues to manage the Hotels under long term hotel operating agreements. Boris Ivesha, President & Chief Executive Officer of the Company, commented: "We are pleased to announce this joint venture with the Nakash group, an international investor in quality assets. Together we will embark on an exciting renovation project of these well located hotels with the aim of further improving their position."

About PPHE Hotel Group

PPHE Hotel Group is an international hospitality real estate company, with a £2.0 billion portfolio, valued as at December 2022 by Savills and Zagreb nekretnine Ltd (ZANE), of primarily prime freehold and long leasehold assets in Europe.

Through its subsidiaries, jointly controlled entities and associates it owns, co-owns, develops, leases, operates and franchises hospitality real estate. Its portfolio includes full-service upscale, upper upscale and lifestyle hotels in major gateway cities and regional centres, as well as hotel, resort and campsite properties in select resort destinations. The Group's strategy is to grow its portfolio of core upper upscale city centre hotels, leisure and outdoor hospitality and hospitality management platform.

PPHE Hotel Group benefits from having an exclusive and perpetual licence from the Radisson Hotel Group, one of the world's largest hotel groups, to develop and operate Park Plaza® branded hotels and resorts in Europe, the Middle East and Africa. In addition, PPHE Hotel Group wholly owns, and operates under, the art'otel® brand and its Croatian subsidiary owns, and operates under, the Arena Hotels & Apartments® and Arena Campsites® brands.

PPHE Hotel Group is a Guernsey registered company with shares listed on the London Stock Exchange. PPHE Hotel Group also holds a controlling ownership interest in Arena Hospitality Group, whose shares are listed on the Prime market of the Zagreb Stock Exchange.

Company websites

www.pphe.com | www.arenahospitalitygroup.com

For reservations

www.parkplaza.com | www.artotel.com |www.arenahotels.com | www.arenacampsites.com